Access Bank posts N13bn profit in first quarter

Access Bank Plc's profit before tax jumped 20 per cent to N13.4 billion in its unaudited results for the three months ended 31 March 2014.

The bank, which recorded N11.1 billion PBT in the comparable period of 2013 also grossed N57 billion, representing a nine per cent increase in the period under review.

Similarly, its operating income increased by 19 per cent to N42 billion supported by a 12 per cent increase in its non-interest income during the period. In the same vein, Access Bank's net interest margin rose to 6.2 per cent compared to the 5.4 per cent it attained in the the first quarter of 2013.

The results also showed that the bank recorded an eight per cent increase in its loan book to N871.8 billion from the N810.7 billion it stood in the fourth quarter of 2013, while it customer deposits climbed to N1.40 trillion.

Commenting on the results, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Herbert Wigwe said: 'I am pleased with the progress that the bank is making in delivering on a strategy we spent time explaining to our stakeholders. These results clearly demonstrate strong progress towards sustainable and profitable growth for our shareholders.

'Business performance has improved across all key segments, as the bank lays out its medium term plan. Whilst our corporate banking division remains a stronghold for the Bank, significant potential is being shown by our Personal and Business banking divisions.'

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